There really isn't a way out of it. The first is isomorphic to what we have, the second utterly fails as an economic system.
The third alternative is to break wages, but as money is already essentially as powerful as it can be, all you can do is break its power down, and that's just "company scrip" again, which most people consider not so much a good thing.
Contract working isn't an out, either. Either we have the opportunity to do contracts already and some of us choose to work for wages, in which case we are not wage slaves because we have chosen it and you lose the right to complain about how we are wage slaves, or contract workers are themselves just disguised wage slaves. Either way, contracts can not be a solution to a problem we currently have; either we do not have the problem, or contracts are not the solution.